Olive 8 Closed 148th sale and Reducing HOA Dues By 15%

Olive 8 is 65% sold as of this press release. Since readjusting their prices over the new year, they are averaging 4.5 sales/month bring it to a total of 148 sales. The developer has also announced that the HOA dues will drop by 15% (from $0.54 per foot per month to $0.47 per foot per month). According to the developer, the reason for that is due to the building’s operational efficiencies shared by the hotel and from lower utility consumption within the LEED Silver Certified building.

It’s rather unusual for such a new building to have the HOA dues reduced within the first few years of completion. Generally, for new condos, the dues typically stay around the same or go up (within the first couple of years) by a few percent, sometime as high as 10% to reach a realistic budget. I guess this a good news for homeowners and buyers. I’m curious to see how that will hold up for the next two years.